NYC Buyer Closing Costs

Closing costs need their own budget. An asking price and down payment do not tell you the full amount you will spend to complete a purchase.

Start with an itemized estimate For a financed purchase, review your lender’s Loan Estimate. The CFPB distinguishes loan costs and other transaction costs from the down payment. Its Estimated Cash to Close also reflects deposits, credits, and adjustments.

Ask your team to reconcile the figures Request a written breakdown from your lender and attorney for your actual transaction. Ask: • Which charges are lender fees? • Which services can I shop for? • Which taxes or recording charges apply to this ownership type? • What building application, transfer, or move charges should I expect? • Are any amounts refundable deposits? • What has already been paid? • Which figures remain estimates?

Check the contract Ask your attorney who is responsible for each charge under the proposed agreement. Do not assume that a fee allocation is fixed merely because someone describes it as customary.

Avoid a flat percentage shortcut Use transaction-specific estimates rather than treating one percentage as a complete quote. Ownership structure, financing, price, building charges, and negotiated terms all need review. This guide does not supply tax rates or a guaranteed closing cost total.

Your next step: create a line-item worksheet with amount, source, responsible party, and date last confirmed. Update it before closing.

General educational information. Confirm current taxes and your obligations with qualified professionals.

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